Chase closed my CSR. Why?
Sep 18, 2020, 8:26 pm
#91
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Sep 18, 2020, 8:57 pm
#92
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Did Chase try to charge the OP any penalty interest charges or late payment fees? Doing so would probably break its own rules and could lead to regulatory action unless this contingency is clearly spelled out.
I also notice that the advertising merely says that you don't need to worry about late payments, not that Chase won't consider you to have failed to make payments or that your payments were late. OP didn't worry because he/she wasn't aware of any problem, nor should there have been a problem.
I also notice that the advertising merely says that you don't need to worry about late payments, not that Chase won't consider you to have failed to make payments or that your payments were late. OP didn't worry because he/she wasn't aware of any problem, nor should there have been a problem.
Sep 18, 2020, 9:28 pm
#93
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He doesn't have all the information. Another extremely important reason to clear this up: if Chase reports this as a 60 or 90 day default this will plague him for seven years. HSBC did something like this to my wife (also due to autopay, despite her having plenty of money) and her credit was hosed for seven years. They refused to correct it later on.
You can call the US via Skype for free. This isn't only a matter of losing a relationship with one bank. Unlike other shutdowns it could prevent him from getting cards from many banks if they report it to the bureaus. Which we have no reason to think won't happen if they really insist on interpreting this as a failure to pay. Which they are saying they are.
You can call the US via Skype for free. This isn't only a matter of losing a relationship with one bank. Unlike other shutdowns it could prevent him from getting cards from many banks if they report it to the bureaus. Which we have no reason to think won't happen if they really insist on interpreting this as a failure to pay. Which they are saying they are.
Sep 18, 2020, 9:37 pm
#94
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Chase has deemphasized residential mortgages, and its market share of originations is anemic for the nation's biggest bank, amounting to just 5% in the past quarter, according to data compiled by Bloomberg. That compares with a peak of 25% in 2006.
Source: https://www.americanbanker.com/artic...f-quiet-losses
I think there are still good reason to resolve this problem, but I don't foresee that it would materially impact the ability to obtain a residential mortgage.
Source: https://www.americanbanker.com/artic...f-quiet-losses
I think there are still good reason to resolve this problem, but I don't foresee that it would materially impact the ability to obtain a residential mortgage.
Sep 18, 2020, 9:56 pm
#95
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Chase has deemphasized residential mortgages, and its market share of originations is anemic for the nation's biggest bank, amounting to just 5% in the past quarter, according to data compiled by Bloomberg. That compares with a peak of 25% in 2006.
Source: https://www.americanbanker.com/artic...f-quiet-losses
I think there are still good reason to resolve this problem, but I don't foresee that it would materially impact the ability to obtain a residential mortgage.
Source: https://www.americanbanker.com/artic...f-quiet-losses
I think there are still good reason to resolve this problem, but I don't foresee that it would materially impact the ability to obtain a residential mortgage.
Much more consequential is if they report this as a default. That could easily screw him for 7 years. My wife's credit rating was high 700's before HSBC screwed her and afterwards it was in the 600's for seven years as I mentioned. Luckily my credit was great so it wasn't that bad but it was still such a headache.
Sep 19, 2020, 12:06 am
#96
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On the other hand, for those who suggested that OP has to fix the issue (mainly due to the possibility that OP may be blacklisted). However, so far, unless a person abuses Chase's reward system or have some risky transactions, so far no one has been banned.
Sep 19, 2020, 9:41 am
#97
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Chase is one of the biggest mortgage banks in the business. This could definitely impact him. It's more consequential than if AmEx did this.
Your speculation that he could be approved even now is actually the position for which there's no evidence. This is what appears to be an easily fixed problem with fairly major implications which requires one difficult to make phone call to resolve.
There are numerous ways to make the call from China.
Your speculation that he could be approved even now is actually the position for which there's no evidence. This is what appears to be an easily fixed problem with fairly major implications which requires one difficult to make phone call to resolve.
There are numerous ways to make the call from China.
Chase may, and often, initially approve a card application only to abruptly close it days / weeks later, when its system catches up the "previous unsatisfactory relationship".
The failure on making AutoPay is very likely programmed into behaviors that show "unsatisfactory relationship".
The poster thinks only abusing award system / suspicious transaction getting banned, obviously has very little or no knowledge in the bigger world outside the miles and points earning subset.
Years ago I have made constructive suggestions to help an FTer who reached out to me on something Chase did to her account totally not her fault but a faulty ATM at a Chase branch (it all started when the ATM took her emergency after hour cash deposit without giving her a receipt.)
All her cards incl a brand new CSP (just introduced at that time, that was how many years ago) she was in the middle to meet the spend. Long story short, after all the necessary actions (all have suggested in this thread), she was contacted by a staffer at the Exec Office. Eventually Chase restored her standing in Chase system (meaning she would not be blacklisted) but still would not reinstate the cards, though issued a check to the equivalent of the CSP 50K sign up bonus even she only finished slightly more than 50% of the spend.
Bank accounts were restored. She also was able to get new Chase cards months later and no more incident.
Sep 19, 2020, 11:48 am
#98
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It is a waste of time or effort arguing this.
Bottom line - OP applied for a Chase card. Chase's determination will be the key for everything.
Bottom line - OP applied for a Chase card. Chase's determination will be the key for everything.
Sep 19, 2020, 4:20 pm
#99
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OP says that he wants to move his spend elsewhere and asks for suggestion as to where. Given the question, it seems that re-re-re-re-litigating the question of what Chase may or may not do if he asks is just a tad OT.
Sep 21, 2020, 8:55 am
#100
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Many thanks to all of you for helping me out. I did call Chase but the agent said I should get a letter and respond to the letter. I won't be back home to see the letter until next month. So I sent the following emails to Chase Consumer Banking CEO and secondary contact.
================================================== ========================
I apologize for sending you this personal email. Currently I am in China to attend my dad's memorial service, and suddenly found that my Chase Sapphire Reserved card (Acc# XXXX) is declined. Apparently, Chase closed my account due to "no minimum payment".
I always have AutoPay set up. For July, August and September my balance was small due to COVID-19. However, merchant credits exceeded account balance so AutoPay created zero payments. According to Chase, If the total of these payments and merchant credits is more than your set AutoPay amount, your AutoPay payment for that month will be zero. Chase advertises that customers never need to worry missing a payment with AutoPay. I thought that I was safe. Unfortunately, this somehow triggered Chase system to shut my account down.
I have 834 credit score and $250K household income. I have been a Chase customer for many years with average $50K+ annual spend, and never missed a payment. Yet I have been seriously wronged by your AutoPay system. I tried to call and send PMs but to no avail.
Many people might also be negatively affected by Chase AutoPay due to much less spend during COVID-19. It's a serious system flaw that needs to be addressed. Thank you for the attention.
Sincerely,
================================================== =================
Thank you so much for the help. Greatly appreciate it.
I hope so.
Chase didn't charge me late fee. Chase advertises AutoPay
It’s easy to make sure your credit card is paid on time each month. Here’s how:
https://www.chase.com/digital/custom...set-up-autopay
So my card is paid on time each month with AutoPay. This contradicts with Chase's claim that I didn't make minimum payments.
I called but to no avail.
I have not applied a new card for several years. My CSR is my last Chase card, received 4 years ago.
Chase AutoPay is seriously flawed. Many innocent people might get hit when they believe they are safe with AutoPay.
================================================== ========================
I apologize for sending you this personal email. Currently I am in China to attend my dad's memorial service, and suddenly found that my Chase Sapphire Reserved card (Acc# XXXX) is declined. Apparently, Chase closed my account due to "no minimum payment".
I always have AutoPay set up. For July, August and September my balance was small due to COVID-19. However, merchant credits exceeded account balance so AutoPay created zero payments. According to Chase, If the total of these payments and merchant credits is more than your set AutoPay amount, your AutoPay payment for that month will be zero. Chase advertises that customers never need to worry missing a payment with AutoPay. I thought that I was safe. Unfortunately, this somehow triggered Chase system to shut my account down.
I have 834 credit score and $250K household income. I have been a Chase customer for many years with average $50K+ annual spend, and never missed a payment. Yet I have been seriously wronged by your AutoPay system. I tried to call and send PMs but to no avail.
Many people might also be negatively affected by Chase AutoPay due to much less spend during COVID-19. It's a serious system flaw that needs to be addressed. Thank you for the attention.
Sincerely,
================================================== =================
https://www.elliott.org/company-cont...an-chase-bank/
has email addresses.
If you are really down to one credit card, I would apply for a card with another bank ASAP. What are you going to do if your remaining card gets shut down due to fraud or gets stolen?
Also, I’d be concerned that Chase reporting missing payments might impact your credit report and score.
has email addresses.
If you are really down to one credit card, I would apply for a card with another bank ASAP. What are you going to do if your remaining card gets shut down due to fraud or gets stolen?
Also, I’d be concerned that Chase reporting missing payments might impact your credit report and score.
I don't know. Actually, I don't believe this is the case. Just because an account has been closed it does not mean the person is banned for life. In fact - I do believe that OP may be able to get his recent application approved.
Also - Chase is currently banned from using "previously unsatisfactory relationship" as an excuse to close accounts.
Don't say something that there is no solid evidence to support. FWIW - it is an account closure. Nothing else.
Also - Chase is currently banned from using "previously unsatisfactory relationship" as an excuse to close accounts.
Don't say something that there is no solid evidence to support. FWIW - it is an account closure. Nothing else.
Did Chase try to charge the OP any penalty interest charges or late payment fees? Doing so would probably break its own rules and could lead to regulatory action unless this contingency is clearly spelled out.
I also notice that the advertising merely says that you don't need to worry about late payments, not that Chase won't consider you to have failed to make payments or that your payments were late. OP didn't worry because he/she wasn't aware of any problem, nor should there have been a problem.
I also notice that the advertising merely says that you don't need to worry about late payments, not that Chase won't consider you to have failed to make payments or that your payments were late. OP didn't worry because he/she wasn't aware of any problem, nor should there have been a problem.
It’s easy to make sure your credit card is paid on time each month. Here’s how:
https://www.chase.com/digital/custom...set-up-autopay
So my card is paid on time each month with AutoPay. This contradicts with Chase's claim that I didn't make minimum payments.
He doesn't have all the information. Another extremely important reason to clear this up: if Chase reports this as a 60 or 90 day default this will plague him for seven years. HSBC did something like this to my wife (also due to autopay, despite her having plenty of money) and her credit was hosed for seven years. They refused to correct it later on.
You can call the US via Skype for free. This isn't only a matter of losing a relationship with one bank. Unlike other shutdowns it could prevent him from getting cards from many banks if they report it to the bureaus. Which we have no reason to think won't happen if they really insist on interpreting this as a failure to pay. Which they are saying they are.
You can call the US via Skype for free. This isn't only a matter of losing a relationship with one bank. Unlike other shutdowns it could prevent him from getting cards from many banks if they report it to the bureaus. Which we have no reason to think won't happen if they really insist on interpreting this as a failure to pay. Which they are saying they are.
Actually it is more than just speculation. Per OP's information provided, OP seems to be creditworthy. Unless OP is under 5/24 or as most of you speculate, Chase decided blacklist, Chase should approve the application without issue.
On the other hand, for those who suggested that OP has to fix the issue (mainly due to the possibility that OP may be blacklisted). However, so far, unless a person abuses Chase's reward system or have some risky transactions, so far no one has been banned.
On the other hand, for those who suggested that OP has to fix the issue (mainly due to the possibility that OP may be blacklisted). However, so far, unless a person abuses Chase's reward system or have some risky transactions, so far no one has been banned.
Exactly. The fairly major implication down the road is something that the poster should get this resolved with Chase once and for all despite he may never want to do business with Chase again.
Chase may, and often, initially approve a card application only to abruptly close it days / weeks later, when its system catches up the "previous unsatisfactory relationship".
The failure on making AutoPay is very likely programmed into behaviors that show "unsatisfactory relationship".
The poster thinks only abusing award system / suspicious transaction getting banned, obviously has very little or no knowledge in the bigger world outside the miles and points earning subset.
Chase may, and often, initially approve a card application only to abruptly close it days / weeks later, when its system catches up the "previous unsatisfactory relationship".
The failure on making AutoPay is very likely programmed into behaviors that show "unsatisfactory relationship".
The poster thinks only abusing award system / suspicious transaction getting banned, obviously has very little or no knowledge in the bigger world outside the miles and points earning subset.
Sep 21, 2020, 2:07 pm
#101
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Sep 21, 2020, 2:22 pm
#102
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Sep 21, 2020, 3:13 pm
#103
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Sep 28, 2020, 10:40 am
#104
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I am happy to report that Chase has reinstated my account quickly after I emailed Chase Consumer Banking CEO and secondary contact. Someone from Chase Executive Office left a message in my office voice mail within 24-48 hours after my email was sent. This is impressive speed of response. I happened to check my office voice mail or I didn't even know that my account is back.
I wrote that many people might also be negatively affected by Chase AutoPay due to much less spend during COVID-19. It's a serious system flaw that needs to be addressed. The message I got from Chase acknowledged this issue, promised quick reinstatement of my account, and left name and phone number I can call should I have any questions or concerns. It's done very professionally.
My next issues:
1) I have transferred 1 million UR points to my son. He doesn't travel much. Should I transfer all the points back to my account?
2) My wife and son both have CSR cards. With travel spending way down, it doesn't make too much sense to pay 3X hefty fees. Maybe we should close 1-2 cards?
Many thanks to all of you for offering valuable suggestions. In particular, I am grateful to Happy who sent me several PMs to assist and notquiteaff for helping with Chase Executive contacts.
I have been a FT member for 17 years, and this thread is what makes FT such a great community.
I wrote that many people might also be negatively affected by Chase AutoPay due to much less spend during COVID-19. It's a serious system flaw that needs to be addressed. The message I got from Chase acknowledged this issue, promised quick reinstatement of my account, and left name and phone number I can call should I have any questions or concerns. It's done very professionally.
My next issues:
1) I have transferred 1 million UR points to my son. He doesn't travel much. Should I transfer all the points back to my account?
2) My wife and son both have CSR cards. With travel spending way down, it doesn't make too much sense to pay 3X hefty fees. Maybe we should close 1-2 cards?
Many thanks to all of you for offering valuable suggestions. In particular, I am grateful to Happy who sent me several PMs to assist and notquiteaff for helping with Chase Executive contacts.
I have been a FT member for 17 years, and this thread is what makes FT such a great community.
Sep 28, 2020, 12:28 pm
#105
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Glad to hear they recognized the problem and reinstated your accounts.
Assuming your wife has other cards in her own name, I would consider closing her CSR account and making her an authorized user on your account instead. And if your son isn’t traveling much, there are probably better cards than the CSR for his spend.
I don’t know if Chase already fixed the root cause, but my CSR Balance is now negative due PYB, and it shows minimum payment of $0 dollars due (I did have charges during the just closed period, but less than the credits). It also shows that auto-pay will pay $0.
Assuming your wife has other cards in her own name, I would consider closing her CSR account and making her an authorized user on your account instead. And if your son isn’t traveling much, there are probably better cards than the CSR for his spend.
I don’t know if Chase already fixed the root cause, but my CSR Balance is now negative due PYB, and it shows minimum payment of $0 dollars due (I did have charges during the just closed period, but less than the credits). It also shows that auto-pay will pay $0.